RIDGELAND, Miss. (AP) _ EastGroup Properties Inc. (EGP) on Thursday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The Ridgeland, Mississippi-based real estate investment trust said it had funds from operations of $41.9 million, or $1.17 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.14 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $23 million, or 64 cents per share.
The real estate investment trust posted revenue of $75.3 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $74.5 million.
For the current quarter ending in December, EastGroup Properties expects its per-share funds from operations to range from $1.17 to $1.19.
The company expects full-year funds from operations in the range of $4.66 to $4.68 per share.
The company's shares have risen nearly 6 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $93.59, a rise of 2 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EGP at https://www.zacks.com/ap/EGP